Vee Finance, a decentralised lending firm based in Avalanche, disclosed on Tuesday that a single account had been hacked and stolen, totaling around $35 million in bitcoin and ether.
Vee Finance, a crypto payments startup, revealed on Sunday that the network’s entire value was $300 million USD. According to Business Insider, a total of 8,804.7 ether and 213.93 bitcoin were stolen in cyberattacks on Monday. On Wednesday, the company released an update and advised its customers not to use its services in the future.
That’s the second time an avalanche-based platform has been targeted in a week. Zabu Finance, a DeFi protocol that permits peer-to-peer activity without the intervention of a central institution such as a bank or broker, was one of the first victims of a cyberattack, declaring on September 13 that it had sustained a loss of 3.2 million dollars as a result of the attack.
Vee Finance stated “According to address monitoring, the attacker has not yet transferred, or processed, the attacked assets any further. We are actively dealing with it and have proactively communicated to the attacker on the chain,” “At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets,”
An attempt was made to contact the hacker and negotiate a solution with the company, which uses the Avalanche blockchain and Chainlink, a platform for developing DeFi apps. They claimed to have located the location, suspended it, and halted the operation of the deposit and borrowing accounts. All pending orders were halted, and no new orders could be placed. The company has indicated that existing users can continue to withdraw funds and that the outage has had no effect on their stablecoin area.